Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

January 21, 2008 08:30 ET

Skygold Ventures Ltd.: Spanish Mountain Main Zone Continues to Expand-Drilling Intersects 99.50 Metres of 1.41 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2008) - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce Diamond Drill results from the on-going exploration program at the Spanish Mountain Project in Central British Columbia.

Diamond Drilling on the Spanish Mountain Property continues to intersect the Main Zone and expand on the potential area for which a 43-101 resource will be completed. At present, the known zones (Main Zone, South Main, Lower Zone and North Zone) span an area approximately 1.2km by 1.2km. Potentially economic grade gold mineralization has been intersected in all of these zones. Holes have been drilled outside these known zones in the Placer Area, Oscar Showing and East Main Zone. Results contained in this news release include holes from the Main Zone, South Main, Placer Area, Oscar showing and eastern Main Zone step outs.

Highlights:

Main Zone:

- Hole 07-DDH-661 intersects 99.5 metres of 1.41 g/t gold including 56.0 metres of 1.57 g/t gold including 25.5 metres of 2.21 g/t gold (see section 1550 N at the company's website).

- Hole 07-DDH-643 intersects 15.0 metres of 1.74 g/t gold within a wider interval of 67.0 metres of 0.70 g/t gold.

- Hole 07-DDH-647 intersects 22.5 metres of 1.13 g/t gold

- Hole 07-DDH-604(i) (Twin of the upper zone in hole 05-DDH-252 which returned 47.75 metres of 1.67 g.t gold including 15.25 metres of 2.04 g/t gold) intersected 60.1 metres of 1.62 g/t gold including 36.0 metres of 2.42 g.t gold.

South Main:

- Hole 07-DDH-600 intersects 5 separate zones of gold mineralization within a wider zone of 184.5 metres of 0.50 g/t gold including 18.5 metres of 1.08 g/t gold and 15 metres of 1.19 g/t gold. This intercept joins the upper and lower horizons into one continuous zone (see section D - D' at the company's website).

(i) Hole 07-DDH-604 was drilled as a quality control hole to duplicate mineralization intersected in hole 05-DDH-252.

Regional drilling in the Oscar area has intersected only weakly anomalous results to date. Hole 07-DDH-617 is still pending results for this area. Drilling in the Placer area has also intersected weakly anomalous values, to date and there are 13 holes with results pending in this area. The east Main Zone area has intersected 14.0 metres of 0.92 g/t gold in hole 07-DDH-602 but there are still 6 holes in this area with assay results pending.

Discussion of Results:

Main Zone mineralization continues to expand and is associated with a very specific stratigraphic package of rocks which has been intersected along strike for approximately 900 metres (see stratigraphic column "A" at the company's website). To date, none of the regional drilling has intersected the same stratigraphic sequence and the current understanding is that faulting and folding may be responsible for off-setting the Main Zone stratigraphy in the Placer and Oscar areas. Current interpretations indicate that the Main Zone is open to the northwest and south east but may be limited or offset to the northeast and southwest. The discovery of the North and South Main Zone mineralization outside the Main Zone indicates that favorable gold mineralized stratigraphic/structural horizons exists elsewhere along the overall mineralized belt. This highlights the potential for the discovery of additional deposits.

Drilling has already confirmed the presence of Main Zone stratigraphy to the northwest, in holes 07-DDH-685,687, 688, 689 and 695 which all intersected the Main Zone stratigraphic sequence (assays pending).

Vice President of Exploration Scott Weekes comments "We are very pleased with results and interpretations coming from the field. Being able to now recognize the stratigraphic sequence has helped refine drill targets in the Main Zone. There are still many holes remaining in the lab but results are starting to come back faster and we are getting closer to completing a 43-101 compliant resource on the Main Zone area. Holes such as 07-DDH-600 help to join the Lower and Upper Main zones together, and this will help us to develop a more robust resource estimate."



Table of all results:

---------------------------------------------------------------------------
Width Au
Area Hole Number From To (m) (g/t)
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Main Zone 07-DDH-661 43.50 143.00 99.50 1.41
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Main Zone 07-DDH-661 Incl. 45.00 70.50 25.50 1.96
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Main Zone 07-DDH-661 Incl. 87.00 143.00 56.00 1.57
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Main Zone 07-DDH-661 Incl. 91.50 117.00 25.50 2.21
---------------------------------------------------------------------------

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South Main 07-DDH-600 20.00 32.50 12.50 0.53
---------------------------------------------------------------------------
South Main 07-DDH-600 52.50 237.00 184.50 0.50
---------------------------------------------------------------------------
South Main 07-DDH-600 Incl. 52.50 57.00 4.50 1.82
---------------------------------------------------------------------------
South Main 07-DDH-600 111.50 149.00 37.50 0.70
---------------------------------------------------------------------------
South Main 07-DDH-600 Incl. 116.00 134.50 18.50 1.08
---------------------------------------------------------------------------
South Main 07-DDH-600 159.50 189.00 29.50 0.55
---------------------------------------------------------------------------
South Main 07-DDH-600 222.00 237.00 15.00 1.19
---------------------------------------------------------------------------
South Main 07-DDH-646 116.95 128.50 11.55 0.77
---------------------------------------------------------------------------

---------------------------------------------------------------------------
South Main 07-DDH-648 45.00 61.50 16.50 0.81
---------------------------------------------------------------------------
South Main 07-DDH-648 Incl. 45.00 52.50 7.50 1.04
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Eastern Fence 07-DDH-602 199.00 213.00 14.00 0.92
---------------------------------------------------------------------------
NE of Main Zone 07-DDH-603 Abandoned
---------------------------------------------------------------------------
Eastern Fence 07-DDH-607 Failed to reach
depth
---------------------------------------------------------------------------
Eastern Fence 07-DDH-608 no sig values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Oscar 07-DDH-605,616 weakly anomalous
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Placer 07-DDH-606 weakly anomalous
---------------------------------------------------------------------------
Placer 07-DDH-601 no sig values
---------------------------------------------------------------------------
Placer 07-DDH-609 no sig values
---------------------------------------------------------------------------
Placer 07-DDH-610 Failed to
reach depth,
weakly anomalous
---------------------------------------------------------------------------
Placer 07-DDH-615 Failed to
reach depth,
weakly anomalous
---------------------------------------------------------------------------
Placer 07-DDH-636 Failed to reach
depth
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Twin of DDH-252 07-DDH-604 14.00 31.00 17.00 0.57
---------------------------------------------------------------------------
Twin of DDH-252 07-DDH-604 47.50 58.00 10.50 0.69
---------------------------------------------------------------------------
Twin of DDH-252 07-DDH-604 67.00 127.10 60.10 1.62
---------------------------------------------------------------------------
Twin of DDH-252 07-DDH-604 Incl. 85.00 121.00 36.00 2.42
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone 07-DDH-643 29.00 42.00 13.00 0.62
---------------------------------------------------------------------------
Main Zone 07-DDH-643 incl. 36.00 42.00 6.00 1.03
---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone 07-DDH-643 186.50 253.50 67.00 0.70
---------------------------------------------------------------------------
Main Zone 07-DDH-643 Incl. 195.50 210.50 15.00 1.74
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone 07-DDH-643 a 231.50 253.50 22.00 0.78
---------------------------------------------------------------------------
Main Zone 07-DDH-643 Incl. 231.50 239.00 7.50 1.41
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone 07-DDH-645 138.00 145.50 7.50 0.93
---------------------------------------------------------------------------
Main Zone 07-DDH-645 219.00 234.00 15.00 0.54
---------------------------------------------------------------------------
Main Zone 07-DDH-645 268.00 274.00 6.00 0.71
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone 07-DDH-647 123.00 145.50 22.50 1.13
---------------------------------------------------------------------------


Eco Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold/Wildrose are submitting standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W. (Bill) Morton, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD

Brian Groves, President

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Skygold Ventures Ltd.
    Tim Mikula
    (604) 484-6317
    (604) 684-0279 (FAX)
    Website: www.skygold.ca
    or
    B&D Capital Partners
    Brad Aelicks
    (604) 685-6465